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12 Mar 2013
Forex: USD/CAD retraces intraday gains
The dollar continued to lose ground versus commodity currencies and the euro at the beginning of the NY session in a sudden spark of risk appetite, although with no clear catalyst, dragging USD/CAD back to opening levels.
After failing to overcome the 1.0280 area, USD/CAD turned lower and dropped nearly 25 pips within the last minutes, erasing most intraday gains. At time of writing, the cross is quoting around 1.0265, just a few pips above its opening price.
As for technical levels, the Mataf.net sees immediate supports at 1.0250 and 1.0230, while they place resistances at 1.0280, 1.0315 and 1.0335.
After failing to overcome the 1.0280 area, USD/CAD turned lower and dropped nearly 25 pips within the last minutes, erasing most intraday gains. At time of writing, the cross is quoting around 1.0265, just a few pips above its opening price.
As for technical levels, the Mataf.net sees immediate supports at 1.0250 and 1.0230, while they place resistances at 1.0280, 1.0315 and 1.0335.